FxWirePro- GBPJPY Daily Outlook

Short-term resistance -152.60

Intraday Support- 151.50

GBPJPY continues to trade higher for third consecutive days on the strong pound sterling. The pound sterling has shown a nice pullback above 1.3300 despite Brexit concerns and omicron fears. The minor weakness in the US dollar index is supporting cable at lower levels. The number of new Omicron coronavirus cases surged past 100000, the highest level since the pandemic. Any breach above 1.3380 confirms intraday bullishness. The intraday trend of GBPJPY is bullish as long as support 151 holds. GBPJPY hits an intraday high of 152.38 and is currently trading around 152.364.

  USDJPY- Analysis

The pair holds above 114 levels on higher yields. Any intraday bullishness only if it breaks 114.40.

 CCI Analysis-

The CCI (50) and Woodies CCI hold above zero level in the 4- hour chart. It confirms an intraday bullish trend.

 Technical:

The immediate resistance is around 152.60, any break above targets 153/153.52/154.75. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 151.80 Any indicative violation below targets 151.25/150.60/150.

 Indicator (4-Hour chart)

Directional movement index –Bullish

It is good to buy on dips around 151.80-85 with SL around 151 for a TP of 153/153.50.